I’m had the same issue. In my case it was a refresh of an old site into a new design and layout. The favicon showing was the old one.
So I looked up the source code and searched for the term ‘favicon’ and ‘icon’. I found the code as follows:
<link rel="icon" href="http://website.com/WPfolder/wp-content/uploads/2015/08/cropped-Logo-192x192.png" sizes="192x192" />
<link rel="apple-touch-icon-precomposed" href="http://website.com/WPfolder/wp-content/uploads/2015/08/cropped-Logo-180x180.png" />
<meta name="msapplication-TileImage" content="http://website.com/WPfolder/wp-content/uploads/2015/08/cropped-Logo-270x270.png" />
I searched for the ‘Cropped Logo’ source image in my Wordpress Media Library (as the date shows, it was in the August 2015 section) and deleted it. I just deleted the single file of which Wordpress had created assorted resized versions, and the new icon automatically took hold.
Since your Favicon is a Bluehost one, it would make sense to track its location down using ‘View Page Soure’ in your browser, and then delete the file from there. The new image should show up automatically.
Hope this works!